Uruguay Inflation

Uruguay: Inflation eases again in November

December 4, 2013

In November, consumer prices rose 0.20% over the previous month, which was the lowest reading in nearly a year. This figure was below both the 0.82% increase recorded in October and market expectations of a 0.40% rise. The print was mainly driven by higher prices for housing as well as for food and non-alcoholic beverages.

Meanwhile, annual inflation edged down from 8.7% in October to 8.5% in November and now sits at the lowest level since June. Despite the moderation in the annual reading, inflation remains well above the Central Bank's target range of 4.0%-6.0%.

LatinFocus Consensus Forecast participants expect inflation to moderate to 8.7% by the end of the year, which is unchanged from last month's projection. For 2014, panelists see inflation at 7.9%, which is also unchanged from last month's estimate.

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